Here's How Bill Ackman Did Overall In May

Not great, but couldn't it have been worse? You remember what was
happening with Pershing in May — J.C. Penny.

The hedge fund is the
retailer's biggest shareholder (with 17.9% of the company)
and in the middle of the month it missed earnings and started to
tank. The market simply wasn't convinced that the changes that
Ackman was bringing to bare on the company would lead to success,
and the stock fell like a rock.